The average retail price of gas has gone up by 12 cents within just a week, reaching $3.919 a gallon. Gas prices are once again going up for the third straight week after declining for more than 3 months.
Gas Prices Go Up Again
Across the nation, gas prices fluctuated from as high as $6.33 to a low of $3.230. Over the past week, gas prices have seen prices go up from 24 cents to less than one cent across the nation, according to the American Automobile Association (AAA).
The average gallon of gas price is currently 19 cents higher than one month ago, and 65 cents shy of the $3.269 price tag a year ago. Since last Monday, nine states have seen the largest increase in gas prices by over 20 cents. These include Maryland (+34 cents), Delaware (+24 cents), Illinois (+23 cents), Ohio (+23 cents), Tennessee (+21 cents), Louisiana (+21 cents), Indiana (+21 cents), Alaska (+20 cents) and Mississippi (+20 cents). On the other hand, Utah, New York, Colorado, Wisconsin, Georgia, and Nebraska saw the least price increases for gas by less than six cents.
Highest Gas Prices
California, Nevada, Oregon, Alaska, Washington, and Hawaii continue to see high gas prices reaching beyond the $5 mark. Despite the high gas prices since last week California and Nevada have seen gas prices drop by over four cents.
A gallon of gas in California retails at $6.330 down from last week’s $6.382. While in Oregon a gallon of gas now goes for an average of $5.44. The county of Mono, California has the most expensive gas price with a gallon of gas retailing for $7.325. While Simson, Mississippi has gas retailing at $3.178 a gallon – the cheapest in the country.
Lowest Gas Prices
Why are gas prices going up?
Amid tightening supply, high gasoline demand has led to higher pump prices nationwide. Since last week demand for gas increased nationally from 8.83 million barrels a day to 9.47 million barrels, according to the Energy Information Administration (EIA).
During the same period total domestic gasoline stocks decreased significantly by 4.7 million barrels to 207.5 million barrels. Gas prices at the pump on the West Coast had also increased due to ongoing refinery maintenance at roughly six refineries, severely limiting the region’s supply. However, refinery restarts and California officials allowing less expensive winter-blend gasoline to be sold a month ahead of schedule should offer drivers relief at the pump in the coming days.
Gas Price Trends
|Week Ago Avg.||3.796||4.261||4.571||4.873||3.101|
|Month Ago Avg.||3.738||4.185||4.487||5.029||3.061|
|Year Ago Avg.||3.266||3.604||3.88||3.452||2.796|
For the upper Midwest, pump prices have spiked as a deadly refinery fire in Toledo, Ohio has tightened supply in the region. According to some reports, the 160,000 barrel-per-day BP-Husky Toledo refinery may be offline until December due to an ongoing investigation into the blaze.
Drilled but Uncompleted wells (DUCs) in all U.S. regions totaled an estimated 4,283 wells in August 2022, the least in any month since the EIA started estimating DUCs in October 2013. The decline in DUCs in most major U.S. onshore oil- and natural gas-producing regions indicates that more wells are being completed and fewer new wells are being drilled.
State Gas Prices October 10, 2022
|District of Columbia||3.809||4.418||4.775||5.022|
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